Super Micro Computer (NASDAQ: SMCI ) plummeted 33% after news of its auditor Ernst & Young resigned came out on Wednesday the 30th. This has been enough to scare a lot of investors away.The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room. Learn more ...

Super Micro Computer, Inc SMCI stock continued to fall on Thursday after Rosenblatt analyst Hans Mosesmann suspended his rating on the artificial intelligence server company, citing governance and accounting concerns following Ernst & Young’s resignation as the company’s auditor.Mosesmann noted that Ernst & Young resigned as the company’s registered public accounting firm on Oct. 24, due to concerns regarding governance, transparency, and completeness of communications from Super Micro to Ernst & Young and ...

News that Super Micro Computer's financial auditor has resigned has resulted in surging bearish sentiment on the stock.Super Micro Computer (SMCI -11.23%) stock is getting crushed again in Thursday's trading. The company's share price was down 11.7% as of 1:45 p.m. ET, and had been down as much as 17.7% earlier in the daily session.Yesterday, Supermicro submitted a filing to the Securities and Exchange Commission (SEC) revealing that Ernst & Young (EY) had resigned from its role as the company's accounting ...

In this articleSMCICharles Liang, CEO of Super Micro Computer, during the AMD Advancing AI event in San Jose, California, on Dec. 6, 2023.David Paul Morris | Bloomberg | Getty ImagesIn March, Super Micro Computer was added to the S&P 500 after an epic run that lifted the stock by more than 2,000% in two years, dwarfing even Nvidia's gains.As it turned out, S&P was calling the top.Less than two weeks after the index changes were announced, Super Micro reached its closing high of $118.81 and had a market cap ...

NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Super Micro Computer, Inc. (NASDAQ: SMCI) on behalf of long-term stockholders following a class action complaint that was filed against Super Micro on August 30, 2024 with a Class Period from August 10, 2021 to August 26, 2024. Our investigation concerns whether the board of directors of Super Micro have breached their fiduciary duties to the ...

Key TakeawaysThe S&P 500 slipped 0.3% on Wednesday, Oct. 30, as the latest GDP data showed an unexpected deceleration in economic growth during the third quarter.Super Micro Computer shares plummeted after accounting firm EY resigned from its role as auditor for the server and data storage provider.Shares of Garmin surged after the maker of fitness monitors and other wearable devices beat quarterly estimates and lifted its full-year outlook. Major U.S. equities indexes traded in positive territory for much ...

Investors must contend with a painful but critical risk of investing.The resignation of Ernst & Young (EY) as Super Micro Computer's (SMCI -31.94%) accounting firm sent its stock reeling. Not only did its stock plunge but now investors must also contend with one of the more promising tech growth stories getting derailed by alleged accounting irregularities.Considering this challenge, Supermicro has instead become a painful investing lesson. Unfortunately for investors, there's only one way to mitigate the p ...

With the share price of Super Micro Computer (NASDAQ: SMCI) crumbling amid investor concerns over its accounting practices, an unidentified trader has seen substantial gains on the company’s put contracts.In a trade considered “unusual,” the trader purchased 3,000 put contracts on SMCI at a $29 strike price, achieving a 3,000% gain in just one week, data shared by The Kobeissi Letter on October 30 indicates.The trade details reveal that the put contracts were acquired at a bargain price of $0.05 each a week ...

Super Micro Computer investors got some very concerning news today, and the stock is cratering. Super Micro Computer (SMCI -32.41%) stock is getting crushed in Wednesday's trading following news that the company's auditing firm has resigned. The server specialist's share price was down 31.6% as of 12:30 p.m. ET. Supermicro published a regulatory filing with the Securities and Exchange Commission (SEC) today that revealed that Ernst & Young (EY) had resigned as its financial auditor. In its resignation lette ...

Super Micro Computer Inc. (NASDAQ: SMCI) seems to be in the midst of a catastrophe. In March, the stock hit an all-time high (ATH) of $118 — at that point, SMCI stock was up 332% on a year-to-date (YTD) basis, bringing returns over the past two years up to an impressive 2,500%. Then, disaster struck. Renowned, feared, and above all aptly-named short selling activist group Hindenburg Research released a report on August 27, which alleged widespread and far-reaching accounting fraud, export control failures, ...